Is there a lot of Forclosures in the VI? If so is there a website that someone might know of to search these listings? Thanks
Many local people here purchase land, build a the cistern and downstairs apt 1st, all with cash - maybe they will take an equity loan on this property and improvements to build the top floor which will be the main residence but it may be done over a few years - always with cash on hand - very few people get underwater with a bank, thus few foreclosure proceedings.
Maybe the higher end Villa buyers will get behind on payments as they realize the rentals do not cover the mortgage and this may be true even more on the condo purchases if the monthly condo fees experience an assessment increase totally unexpected by the owner.
People living in their own homes rarely are even close to a foreclosure problem.
Fiscal responsibility amongst the private population here is far greater than that in the states so we don't have many foreclosures. It is one of the aspects of the local culture that I admire quite a bit. People live within their means as they should and refuse to enslave themselves to a bank.
The downside seems to me that because no one has that sense of urgency to make the money to cover their loan the sense of urgency to work harder is sometimes be diminished. When faced with the prospect of being booted from your home most work harder to avoid eviction. When the consequence for being out of work is simply not to be able to expand or enhance your home the incentive to work harder is reduced. This situation is good for the individuals who don't have a mortgage but at a macroeconomic level it's an interesting phenomenom. Maybe I'm completely off base too, just seems like it would be an interesting Freakonomics study.